Creditfix modification of terms & conditions.

[plasticdaft]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by mole

Can anyone answer my query?

"Why would creditors agree to higher fees for an already agreed arrangement?"

The only rational I can see for a creditor agreeing to this is if the IP company said in return for this we will realise an increased overall return for them. But then how would they achieve this?

Creditors wouldnt necessarily agree to a fee hike anyway.

Take a wait and see approach. Read anything they send you carefully. Sign NOTHING until you fully understand what you are agreeing to. If you dont agree.....DO NOT SIGN!!

You are already in a legally binding insolvency agreement with your creditors,that hasnt been torn up just because of a transfer of iva firm.

Paul

[Tillergirl]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by greg666

Ours is due now! But as we have proposed a F&F I'm hoping we don't have to do one? ....
Must admit they seem very understanding and clam on the phone,
they don't seem like a bad company just a bigger operation than Mels I'd say.. and tbh we only ever spoke to mel once in 3 years.

Greg666 I am in a very similar position to you. I initially discussed the possibility of a F&F with PJG early August and sent all documentation requested early Sept. Wondered why there was a delay to suddenly find my IVA had been transferred to CF!!!! My annual review is due anytime now but on the basis I have submitted a F&F I do not expect to be contacted. I am concerned though regarding the length of time elaspsed since my initial F&F documentation was collated. It has been 3 months and CF are unable to confirm they have all the documentation let alone that they are in the process of arranging a variation mtg which is disappointing and frustrating!!!

[Michael Peoples]

If creditors agree to up the fees from 15% TO 23% I think a lot of firms including ourselves would also be asking why! No doubt we would then want to call thousands of variation meetings to get the same treatment so I cannot see this happening but you never know.

[greg666]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Tillergirl

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by greg666

Ours is due now! But as we have proposed a F&F I'm hoping we don't have to do one? ....
Must admit they seem very understanding and clam on the phone,
they don't seem like a bad company just a bigger operation than Mels I'd say.. and tbh we only ever spoke to mel once in 3 years.

Greg666 I am in a very similar position to you. I initially discussed the possibility of a F&F with PJG early August and sent all documentation requested early Sept. Wondered why there was a delay to suddenly find my IVA had been transferred to CF!!!! My annual review is due anytime now but on the basis I have submitted a F&F I do not expect to be contacted. I am concerned though regarding the length of time elaspsed since my initial F&F documentation was collated. It has been 3 months and CF are unable to confirm they have all the documentation let alone that they are in the process of arranging a variation mtg which is disappointing and frustrating!!!

Hi I spoke to them today and was told out report was done but needed a supervisor to check through it!
So it will take another 5/10 days then they would be putting it to the creditors for a decision in Jan ....
As we are splitting up and having to think about running 2 homes we can not afford the iva at all so I hope this does not go on and on or we will end up failing it due to lack of cash
Hope you get sorted soon and keep in touch

[ivamess]

Soooo, this topic was started on 22nd November and STILL none of us appear to have been told what the change(s) is/are.
They are certainly dragging it out!javascript:insertsmilie('[:D]')

[hubert]

Hehe slow torture!

I bet they monitor this forum

[plasticdaft]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by hubert

Hehe slow torture!

I bet they monitor this forum

I'd be amazed if they didnt to be honest.

Paul